Thailand sees first new funds player since 1997

Manulife hires the former CEO at Aberdeen Asset Management to establish a mutual funds operation.
Canadian insurer Manulife Financial has hired Alan Kam, former CEO at Aberdeen Asset ManagementÆs Thai unit, to launch a mutual funds business in Thailand. This marks the first entry by a foreign player into the Thai market since 1997.

John Spence, senior vice president for regional development at Manulife in Hong Kong, says he hopes the funds business will receive the necessary licenses by the end of the year from the Thai Securities Exchange Commission.

The new business was made possible by ManulifeÆs 2004 merger with US-based John Hancock Financial Services, a global deal that saw it inherit Interlife John Hancock Assurance, a joint venture in Thailand. That unit was renamed Manulife Insurance in...
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